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Goldman Sachs slapped a 'sell' on Burberry on the same day it scrapped its formal dress code

Goldman Sachs slapped a 'sell' on Burberry on the same day it scrapped its formal dress code
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Goldman Sachs relaxed its strict dress code and downgraded the high-end fashion brand Burberry to a 'sell' on the same day.




Both Goldman and Burberry are trying to appeal to younger generations.




Watch Burberry trade live.



Goldman Sachs must be tired of thousand-dollar suits and wingtips. On the same day the investment bank relaxed its notoriously strict dress code, it slapped a "sell" recommendation on Burberry's stock.
Goldman introduced a "firm wide flexible dress code" for its roughly 36,000 employees on Tuesday, letting them choose between formal business attire and more casual dress. It's not open season for t-shirts and flip-flops though, as the bank reminded employees that "casual dress is not appropriate every day and for every interaction and we trust you will consistently exercise good judgment in this regard."
Also on Tuesday, analysts at Goldman rejected formal wear, downgrading Burberry to "sell" in their latest note. They "like the long-term equity story at Burberry" and expect its underlying sales to rise 4% in the year to March 2020, but fear that reviving the luxury fashion brand's sales will require more investment in sales and marketing, lowering profits.
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